OCZ Technology Group, Inc., a prior leader in high-performance solid state drive (SSD) technology for client and enterprise markets, has announced that they have received approval from the United States Bankruptcy Court for the District of Delaware to transfer the substantial portion of the SSD-related assets to Toshiba Corporation. Many have asked if the OCZ name would live on under such an acquisition, and this agreement appears to indicate that the popular OCZ brand will continue in full force, augmented by Toshiba’s financial strength and portfolio of NAND flash memory. This portion of the transaction(s) is anticipated to be finalized with the next week to ten days.
According to Ralph Schmitt, CEO of OCZ Technology, ” We are pleased by the court’s approval as this business combination allows the company to continue to bring to market disruptive solid state storage technology. We are appreciative of all the support provided by our shareholders, creditors, and vendors which allowed this combination to occur. The OCZ team is excited to be a part of an innovative company like Toshiba where we can continue to develop new and unique SSD technologies that position the Company as a solid state solutions leader in both the client and enterprise storage markets.”
OCZ is also engaged in a bidding process for their power management division, and they anticipate closing a transaction on this portion of the business within the next 30 days. Stay tuned for further developments as news becomes available.